Jon Cunliffe: Ten years on - lessons from Northern Rock

Speech by Sir Jon Cunliffe, Deputy Governor for Financial Stability of the Bank of England, at the Single Resolution Board Annual Conference, Brussels, 29 September 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
29 September 2017

This month marks the 10th anniversary of the failure of Northern Rock.

The failure of a middle size British mortgage bank was followed by the collapse of much bigger and globally systemic banks.

But the picture of the queues forming outside the branches of Northern Rock remains for many the picture of the start of the financial crisis.

Prior to September 2007, I knew of the existence of bank runs from economic history books, the experience of developing and emerging economies and the film of Mary Poppins.